Atlanta Area Real Estate Trends
Multi-use developments on the rise
Millennial shopping trends are making their impact on Atlanta real estate with the rise of multi-use developments. These multi-use developments rely on a live/work/shop concept that make for more walkable and experience-driven communities, rather than further feeding urban sprawl. Atlantic Station and Ponce City Market in the metro Atlanta area are major developments where one can work, shop, eat and live. Avalon in Alpharetta provides the same atmosphere and amenities. The newest upcoming development, Battery Atlanta, opening in 2017, will be next to SunTrust Park, home of the Atlanta Braves in Cobb County.
Multi-use development areas have been growing in popularity as traditional indoor shopping mall concepts and outlet shopping have shown regular declines. Mall developers have begun rethinking their strategy in light of the multi-use trend, becoming more aware of their surroundings in ways that may help them mimic shoppers’ community and convenience-driven preference. Phipps Plaza in Buckhead recently underwent an exterior makeover, as well as new construction in its surrounding area.
Office Properties are Hot
Office properties have been seeing steadily rising rents within the metro Atlanta area–a key sign of properties in demand. With metro Atlanta’s national and international reputation as a business hub only growing, businesses are keen to set up headquarters in the city in a trend that’s unlikely to slow.
In response, office property development around the perimeter of Atlanta has recently been on the rise. With the new Braves stadium located right outside of Atlanta, more business developers have followed suit with construction of new projects and developments that attempt to sidestep the high cost of in-town prices. However, with high-end developments growing near SunTrust Park, the nearby office properties are likely to see demand soar in the coming year despite their distance from the city center.